This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
JD.com operates JD Logistics, a major e-commerce fulfillment and delivery network in China. The company’s core business model relies on the sale and distribution of consumer goods, which includes a significant volume of products derived from animal exploitation. This encompasses the sale of meat, dairy, eggs, leather goods, fur, and other animal products through its online retail platform and its extensive logistics infrastructure.
Cruelty Free Investors has flagged the company under its animal exploitation exclusion criteria. While specific revenue figures for animal-derived product categories are not publicly broken out, the scale of JD.com’s operations—serving hundreds of millions of customers and moving billions of parcels annually—means its platform facilitates the commercial trade in animal products at a massive scale. The company’s logistics arm, JD Logistics, provides the critical supply chain services that enable this trade. No company-wide policy or commitment to phase out the sale of animal-derived products or to implement comprehensive animal welfare standards across its marketplace has been identified.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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